Thoughts on taking an entrepreneur in residence position / CEO title at a venture backed RE SaaS for a 20-30% pay cut, 20% equity, and all the risk that comes with failure? Deets below:

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I was asked today by one of my mentors to assume an entrepreneur in residence CEO role for a SaaS backer venture in the RE investment solution space. Still a lot Tbd as this would come to in Q1-Q2’21 but some considerations:
- I want to be an entrepreneur and get more into startup / business ownership
- Don’t know the space well but run way enables me to do validation and discovery
- Product is already built - good and bad bc product management would have been fun but I’m made for business development / strategy role
- 3-4 person board - me, mentor, 1 advisor in space, 1 Tbd advisor
- Already venture backed (mentor has fund) at a valuation of 2.5mil

Trying to get variety of inputs - TIA

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If it’s your passion and you can afford the pay cut go for it.

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What does the product do and who are the target customers? How widely used is it?

I’d expect sales and product management to both be critical activities are you grow the userbase and feature roadmap to meet their needs and stay ahead of the competition

You are getting $500k off equity up front which is pretty gravy unless it fails...

This is very helpful. Ill read up on the 19 marketing channels outlined in traction to begin thinking about which would be best to drive sales and plan on immersing myself in market research / customer discovery. I told mentor I wanted to speak to investors and “customers” without him to understand the product and market.

Appreciate the thoughts ❤️

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